Transfering a Credit Card Balance

[owners club@nicksplace.comco The Legend]

A friend of mine has rather a large balance on her CC. I think she's paying
about 18.9%. I suggested she transfer the debit to another card for an
interest free period or even covert it to a loan. However, all of the CC
companies seem to want to make a charge for this... About 2% seems to be
about the going rate.

Doe's anyone out there know a CC company who will allow a transfer without
this charge... or is this a thing of the past?

Cheers all

tox

[nl]

It seems to be... although you may find the fees are negotiable, if
you do it in person by phone rather than online. I tx'd some balances
to the John Lewis Mastercard and asked if there was any chance of a
discount on the transfer fee. They reduced it by half.

But even without a discount the fee probably a lot less than the
interest charges she'll incur by leaving it where it is.

She should bear in mind the advice of moneysavingexpert.com. Once
you've tx'd a balance to another card never ever use that card for
spending on. Put it away in a drawer or something, because most
issuers use the credit transfer as a pretext for cranking up other
charges.

[Colin Wilson]

> A friend of mine has rather a large balance on her CC. I think she's paying
> about 18.9%. I suggested she transfer the debit to another card for an
> interest free period or even covert it to a loan.

Halifax do (did?) a card that charged 5.9% per annum - the difference
being you had no interest free period on purchases.

If it's still available, it might still be worth looking into.

[Karen]

interest free period or even covert it to a loan.
>
> Halifax do (did?) a card that charged 5.9% per annum - the difference
> being you had no interest free period on purchases.
>
> If it's still available, it might still be worth looking into

Also, &More (Marks and Spencers) have a lifetime balance transfer rate of
3.9% at the moment, as mentioned before don't spend on the card once the
money is on it cut up the card.